Domestic steel inventory at alarmingly high level of 35 days: INSDAG chief

Normal stock position is 21 days; industry officials see steel prices close to bottom even as global scenario remain grim

With global steel price forecast getting revised downward, the picture isn't too rosy for domestic makers of the alloy, as they battle a high inventory scenario amid weak demand.

“It is a depressing scenario (for domestic steel producers) as inventories are at alarming levels of 35 days, compared to the usual 21 days. Increasing inventory is also putting pressure on fresh production, which is another issue for primary producers,” Sushim Banerjee, director general at Institute of Steel Development & Growth (INSDAG) told Business Standard.

Currently, steel inventory of all primary producers put together stands at 2 million tonnes, up from